Illinois SB2758 requires a three-fifths majority vote in the Chicago City Council to authorize debt issuance.
Illinois SB2758 amends the Illinois Municipal Code to mandate that the Chicago City Council cannot adopt an ordinance authorizing a debt issuance without the affirmative vote of at least three-fifths of the alderpersons. This applies to any issuance of indebtedness by the City of Chicago or entities established by the City Council for the City's benefit. The bill limits home rule powers and takes effect on the date of the amendatory Act.
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